Analysis of the cost of Bitcoin January 9
Main Highlights
Bitcoin price has recently rectified the upward trend.
Signals for technical indicators
The 100 averages are higher than the long-term 200. The 200 averages can remain as a dynamic resistance as the average values move to the Fibonacci correction line of 38.2%.
The relative strength index (RSI) has enough room to climb before it reaches overproduction levels.
Market factors
Over the weekend, the volume of Bitcoin increased significantly after the rumors of the increased regulatory framework in South Korea. Some of the merchants decided to sell their coins, as the price of Bitcoin seems unable to reach a new record value in the near future.
In the meantime, the dollar has gained additional support as a result of the tax reform.
image source - Instagram
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